<< <i>pictified any number of forum members here will host pics for you if you have larger images that you'd like to show.
>>
If someone here is interested in the full-sized images, let me know and I can give you the obverse and reverse images to post. Just tell me how to get them to you.
<< <i>pictified any number of forum members here will host pics for you if you have larger images that you'd like to show.
>>
If someone here is interested in the full-sized images, let me know and I can give you the obverse and reverse images to post. Just tell me how to get them to you.
I am not an expert on these but $100K seems a little cheap. A quick search at Heritage sees these trading for 50% more: http://coins.ha.com/c/item.zx?saleNo=1124&lotNo=2005 Are other varieties worth that much more?
<< <i>I am not an expert on these but $100K seems a little cheap. A quick search at Heritage sees these trading for 50% more: http://coins.ha.com/c/item.zx?saleNo=1124&lotNo=2005 Are other varieties worth that much more? >>
The coin sold to another dealer for "over $120,000." He then sold it to the end buyer, a collector who wishes to remain anonymous. I think the price is pretty much in line for this variety, the "EG FECIT" version. Heritage sold one graded MS64 by PCGS for $126,500 including the buyer's premium (I don't recall what that is, but I think it's either 10 or 15 percent) on January 4th, 2012. So factoring in the fees, it looks to me like the sale price was in line with what that same variety sells for. From what I understand, some other varieties DO command higher premiums. But I'm not an expert-perhaps someone else will comment...
<< <i>I am not an expert on these but $100K seems a little cheap. A quick search at Heritage sees these trading for 50% more: http://coins.ha.com/c/item.zx?saleNo=1124&lotNo=2005 Are other varieties worth that much more? >>
The coin sold to another dealer for "over $120,000." He then sold it to the end buyer, a collector who wishes to remain anonymous. I think the price is pretty much in line for this variety, the "EG FECIT" version. Heritage sold one graded MS64 by PCGS for $126,500 including the buyer's premium (I don't recall what that is, but I think it's either 10 or 15 percent) on January 4th, 2012. So factoring in the fees, it looks to me like the sale price was in line with what that same variety sells for. From what I understand, some other varieties DO command higher premiums. But I'm not an expert-perhaps someone else will comment...
John >>
The most recent Heritage result of an MS64 coin was unusually low for this variety, so that is not a good proxy for the value of this one. It should have been worth 140-150K or so.
Of the three generally obtainable varieties (CURENCY, CURRENCY and EG FECIT) the FECIT tends to sell for most. The other varieties (ornament after date, CURRENCEY, brass and silver) are prohibitively rare, much more expensive and not relevant to this discussion.
<< <i>After 40 years it would be heavily inflicted with tin pest and would never get a 64 grade. >>
FYI: Tin pest is a low temperature phase transformation and would almost certainly not occur in the mans pocket or wallet. None the less, tin is rather reactive so this story does seem far fetched.
Interesting, and as usual there is more to any story than what you are going to find in a periodical or newspaper. The owner no doubt got near top dollar for the customer on that coin. I can think of a lot of coin shops who would have made a low cash offer, taken the winnings for themselves and have been quiet as church mice about it. Best case scenario is when a shop like this gets the coin graded which involves, secure shipping, spending the grading fees and attribution charge, and lets the customer know what the news is when it gets back in his shop. Personally, I would willingly offer grading submissions and let the customer do it without any concern about the process, etc.. Frankly, in many cases customers can say things or be critical in ways that makes one's role as an ethical dealer a challenge. Stories like this will do nothing but build the sterling reputation of Mr. Martin's business.
It was sold for around $120K, it is unclear what is was sold for after that. I know a lot of dealers who would take the lion's share of profit and obscure what actually happened so that no one calls them too greedy.
So, then we could talk about process of dealer activity with customers and what is ethical and what is unethical conduct. Littleton Company ran the ad about the rare 1866 gold note that was sent to them with a bunch of other rare notes that two dealers had offered under $5K for, but when Littleton was able to auction that one 1866 note, it sold for hundreds of thousands of dollars. So were they being peachy-keen nice people, and is that how they always run their business? I don't think they are always so egalitarian. I know a dealer who has a picture of a 1944 steel cent on his wall that he bought from a collector. Do you suppose he paid anywhere near its actual value? No! He made an offer, the owner took it.
Maybe most dealers could practice calling up customers who sold them material and offer a dividend check if they hit a homerun. I have never known a dealer do this. Mr. Nachbar says he does when he buys a huge collection and lots of money gets made, it's good for business. Personally, I can never say I have ripped people off with coins, honesty is the best policy. If someone offered me a coin that I made huge money on, maybe I would, maybe I wouldn't give them a piece of the big action. More likely I would just buy more coins from them without haggling.
Comments
<< <i>
<< <i>
<< <i>pictified any number of forum members here will host pics for you if you have larger images that you'd like to show.
If someone here is interested in the full-sized images, let me know and I can give you the obverse and reverse images to post. Just tell me how to get them to you.
Thanks,
John >>
You can email them to me at BAJJERFAN@aol.com >>
All done and emailed to you. Thanks!
John
<< <i>
<< <i>
<< <i>
<< <i>pictified any number of forum members here will host pics for you if you have larger images that you'd like to show.
If someone here is interested in the full-sized images, let me know and I can give you the obverse and reverse images to post. Just tell me how to get them to you.
Thanks,
John >>
You can email them to me at BAJJERFAN@aol.com >>
All done and emailed to you. Thanks!
John >>
posted above
<< <i>I am not an expert on these but $100K seems a little cheap. A quick search at Heritage sees these trading for 50% more: http://coins.ha.com/c/item.zx?saleNo=1124&lotNo=2005 Are other varieties worth that much more? >>
The coin sold to another dealer for "over $120,000." He then sold it to the end buyer, a collector who wishes to remain anonymous. I think the price is pretty much in line for this variety, the "EG FECIT" version. Heritage sold one graded MS64 by PCGS for $126,500 including the buyer's premium (I don't recall what that is, but I think it's either 10 or 15 percent) on January 4th, 2012. So factoring in the fees, it looks to me like the sale price was in line with what that same variety sells for. From what I understand, some other varieties DO command higher premiums. But I'm not an expert-perhaps someone else will comment...
John
<< <i>
<< <i>I am not an expert on these but $100K seems a little cheap. A quick search at Heritage sees these trading for 50% more: http://coins.ha.com/c/item.zx?saleNo=1124&lotNo=2005 Are other varieties worth that much more? >>
The coin sold to another dealer for "over $120,000." He then sold it to the end buyer, a collector who wishes to remain anonymous. I think the price is pretty much in line for this variety, the "EG FECIT" version. Heritage sold one graded MS64 by PCGS for $126,500 including the buyer's premium (I don't recall what that is, but I think it's either 10 or 15 percent) on January 4th, 2012. So factoring in the fees, it looks to me like the sale price was in line with what that same variety sells for. From what I understand, some other varieties DO command higher premiums. But I'm not an expert-perhaps someone else will comment...
John >>
The most recent Heritage result of an MS64 coin was unusually low for this variety, so that is not a good proxy for the value of this one. It should have been worth 140-150K or so.
Of the three generally obtainable varieties (CURENCY, CURRENCY and EG FECIT) the FECIT tends to sell for most. The other varieties (ornament after date, CURRENCEY, brass and silver) are prohibitively rare, much more expensive and not relevant to this discussion.
I saw the devestation in Willmington, VT shortly after, very ugly.
<< <i>After 40 years it would be heavily inflicted with tin pest and would never get a 64 grade. >>
FYI: Tin pest is a low temperature phase transformation and would almost certainly not occur in the mans pocket or wallet. None the less, tin is rather reactive so this story does seem far fetched.
Tin pest.
Maybe most dealers could practice calling up customers who sold them material and offer a dividend check if they hit a homerun. I have never known a dealer do this. Mr. Nachbar says he does when he buys a huge collection and lots of money gets made, it's good for business. Personally, I can never say I have ripped people off with coins, honesty is the best policy. If someone offered me a coin that I made huge money on, maybe I would, maybe I wouldn't give them a piece of the big action. More likely I would just buy more coins from them without haggling.